Regarding NOK, I sold half of my position size in the morning to cut losses and to reduce risk. I wanted to see how the price action settled in during the day.
After price started to hang around the $3.65- 3.68 level, I bought most of what I sold back in the latter half of the day. I now hold about 70% of my intended position size.
Take a look at the Daily and Weekly NOK charts below:
Did you see how the bar look almost like a hammer? I like the fact that it leaves a long tail behind. Potentially, the price may want to go back up. Hence, my buying back the shares I sold this morning. For all intent and purpose, despite today down day, I believe the short-term trend is still up.
Now, look at the weekly NOK chart below:
Today bar did not cut through 50% of last week bar; that was a good sign for me. Just from eye-balling the chart, it does look like the uptrend is still intact.
Now, you know the reason I bought back my NOK shares.
Below is the EXK daily chart:
You see how the green up bar today formed a small V to create a pivot low from last Friday low bar? This pivot low is higher than the pivot low created back in November 15th. I like to see prices take out the last Monday high of $8.73 to confirm last Friday low as pivot “higher” low. To me, this is a low risk trade because my stop level will be either last Friday low or Nov. 15th low. Hence, I bought a medium size position on EXK today.
Meanwhile, I’m still smarting from the drawdown due to courtesy of AMRN LRAD & USU. I’m not too worry though. You know why? Because I know trading BIOTECH is not only heart wrenching sometimes but it can also be heart-warming at times. Take a look at the CLDX chart today (see below). I traded and profited from CLDX in the past but did not trade it this time due to my commitment to AMRN. Hey, one BIOTECH commitment is plenty here.
Did you see the spike up today? Wow! That is what I like to see happening in AMRN.
4 Responses to Monday 12-10-2012 update
Added to NOK. Now at 87% of intended position size. I like the fact that it took out yesterday high and did not look back (so far).
Added to SZYM.
Added to NOK again. May continue to add if price takes out the $3.90 high.
Added more SZYM due to very strong momentum up day.
Remember, I like to add more when I’m making money (averaging up) as opposed to averaging down.
I’m now tweeting my daily trade activities (if any) here: